Crypto Market Weekly Review: Volatility Amidst Bullish Trends (14/10/24 - 21/10/24)
Crypto Market Overview:
It was a rather volatile past week within the cryptocurrency market, where Bitcoin and Ethereum have had a wild ride concerning their respective values, while other altcoins, such as Solana and Dogecoin, showed growth. Let us now go over the key movements of the top cryptos, according to Dex-Trade's trading data.
Bitcoin (BTC/USDT) Analysis:
Bitcoin started the week at around $66,934, peaked mid-week at $67,123, and then fell back to $66,868 on October 22. Price movements were considered a period of consolidation after moving upwards and may be followed by a correction phase. News recently included the approval for Bitcoin of a spot ETF, which has been an important part of its recent price action and a cause for optimism but also a word of caution as the market readjusts expectations.
Ethereum (ETH/USDT) Analysis:
Ethereum also moved in the same stride and fluctuated between the range of $2,617 and $2,634. Despite having slipped once, the continuous upgrade and development on Ethereum have maintained its fundamental fundamentals strong for which investors' confidence in it remains very high. Highly expected ETH 2.0 upgrade and recent updates related to Ethereum futures ETF were reasons behind Ethereum's stable stride.
Solana (SOL/USDT) Analysis:
Solana was resilient, trading at around $164.8 toward the close of the week. The interest of the developers and the investors in it had driven its volatility. The interest has spiked in the wake of reports about the number of DeFi projects expanding along with its partnerships in general, which boosted its ecosystem.
XRP (XRP/USDT) Analysis:
XRP had itself stuck between $0.53 and $0.54 for price action. News about Ripple's ongoing case against the SEC kept market sentiments tied, with traders observing every move on the legal front.
Cardano (ADA/USDT) Analysis:
Cardano hovered above the $0.36 range throughout the week, barely struggling to break above key resistance. Still, an upcoming smart contract upgrade is keeping it hopeful for a bullish trend.
Dogecoin (DOGE/USDT) Analysis:
Dogecoin traded at around $0.142, showing a slight decline in price. While the market presented volatility upward and downward, upward movements were still nullified by the stable nature of Dogecoin, given that its adoption is growing and community-based projects keep on germinating-something subtly helped along by Elon Musk on social media.
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